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Derivative Instruments (Tables) | 3 Months Ended
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Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table summarizes the open financial derivative positions as of December 31, 2021, related to oil and natural gas production:
|  |  |  | Weighted Average Price
Calendar Quarter |  | Notional Volume |  | Fixed |  | Put |  | Call
|  |  |  | ($ per unit)
Oil Swaps (Bbl) |  |  |  |  |  |  |  |
Q1 2022 |  | 345,000 |  |  | $ | 57.47 |  |  | $ | — |  |  | $ | — |
Q2 2022 |  | 345,000 |  |  | $ | 57.47 |  |  | $ | — |  |  | $ | — |
Q3 2022 |  | 270,000 |  |  | $ | 56.03 |  |  | $ | — |  |  | $ | — |
Q4 2022 |  | 270,000 |  |  | $ | 56.03 |  |  | $ | — |  |  | $ | — |
2023 |  | 720,000 |  |  | $ | 53.27 |  |  | $ | — |  |  | $ | — |
Natural Gas Swaps (Mcf) |  |  |  |  |  |  |  |
Q1 2022 |  | 360,000 |  |  | $ | 3.26 |  |  | $ | — |  |  | $ | — |
Q2 2022 |  | 540,000 |  |  | $ | 3.26 |  |  | $ | — |  |  | $ | — |
Q3 2022 |  | 540,000 |  |  | $ | 3.26 |  |  | $ | — |  |  | $ | — |
Q4 2022 |  | 540,000 |  |  | $ | 3.26 |  |  | $ | — |  |  | $ | — |
Oil Collars (Bbl) |  |  |  |  |  |  |  |
Q1 2022 |  | 90,000 |  |  | $ | — |  |  | $ | 35.00 |  |  | $ | 42.63 |
Q2 2022 |  | 90,000 |  |  | $ | — |  |  | $ | 35.00 |  |  | $ | 42.63 |
Q3 2022 |  | 90,000 |  |  | $ | — |  |  | $ | 35.00 |  |  | $ | 42.63 |
Q4 2022 |  | 90,000 |  |  | $ | — |  |  | $ | 35.00 |  |  | $ | 42.63 |
Oil Basis (Bbl) |  |  |  |  |  |  |  |
Q1 2022 |  | 240,000 |  |  | $ | 0.41 |  |  | $ | — |  |  | $ | — |
Q2 2022 |  | 240,000 |  |  | $ | 0.41 |  |  | $ | — |  |  | $ | — |
Q3 2022 |  | 240,000 |  |  | $ | 0.41 |  |  | $ | — |  |  | $ | — |
Q4 2022 |  | 240,000 |  |  | $ | 0.41 |  |  | $ | — |  |  | $ | — |
The following table summarizes the open interest rate derivative positions as of December 31, 2021:
Open Coverage Period |  | Notional Amount |  | Fixed Rate
|  | (In thousands) |  |
Floating-to-Fixed Interest Rate Swaps |  |  |  |
January 2022 - September 2023 |  | $ | 40,000 |  |  | 0.24 | %
Schedule of Derivative Instruments Location and Fair Value | The following table presents the location and fair value of the Company’s derivative contracts included in the consolidated balance sheets as of December 31, 2021 and September 30, 2021:
|  | December 31, 2021
Balance Sheet Classification |  | Gross Fair Value |  | Amounts Netted |  | Net Fair Value
|  | (In thousands)
Current derivative assets |  | $ | 281 |  |  | $ | (198) |  |  | $ | 83 |
Non-current derivative assets |  | 267 |  |  | — |  |  | 267 |
Current derivative liabilities |  | (31,182) |  |  | 198 |  |  | (30,984) |
Non-current derivative liabilities |  | (9,515) |  |  | — |  |  | (9,515) |
Total |  | $ | (40,149) |  |  | $ | — |  |  | $ | (40,149) |
|  | September 30, 2021
Balance Sheet Classification |  | Gross Fair Value |  | Amounts Netted |  | Net Fair Value
|  | (In thousands)
Current derivative assets |  | $ | 186 |  |  | $ | (186) |  |  | $ | — |
Non-current derivative assets |  | 228 |  |  | (122) |  |  | 106 |
Current derivative liabilities |  | (42,330) |  |  | 186 |  |  | (42,144) |
Non-current derivative liabilities |  | (9,054) |  |  | 122 |  |  | (8,932) |
Total |  | $ | (50,970) |  |  | $ | — |  |  | $ | (50,970) |
Derivative Instruments, Gain (Loss) | The following table presents the components of the Company's loss on derivatives for the three months ended December 31, 2021 and 2020:
| Three Months Ended December 31,
| 2021 |  | 2020
| (In thousands)
Settlements on derivative contracts | $ | (16,014) |  |  | $ | 5,173 |
Non-cash gain (loss) on derivatives | 10,821 |  |  | (19,082) |
Loss on derivatives | $ | (5,193) |  |  | $ | (13,909) |

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